The Dubai Financial Services Authority (DFSA) licensed its 100th regulated firm in the DIFC last week. The licensed entities comprise 78 Authorised Firms and 22 Ancillary Service Providers.
Authorised Firms are granted a licence to conduct financial services in or from the DIFC; services include banking and brokerage, asset management, Insurance and Islamic Finance.
Ancillary Service Providers are granted a registration to carry out ancillary services in or from the DIFC; they provide legal and accountancy services.
David Knott, DFSA Chief Executive, stated: “To have reached this milestone within such a short time has exceeded everyone’s business plans and expectations.
“We now have many of the biggest names in international finance operating from the DIFC under our regulation, supported by international professional services Firms of similar quality. We have also been pleased to welcome and license several regional Firms that have demonstrated a strong commitment to international regulatory standards. DFSA’s licensing standards underpin the quality of the regulated sector within the DIFC. Our commitment to the administration and enforcement of world class regulation has provided incentive for this first group of 100 firms to domicile within the Centre,” said Knott.
The regulated financial services sector within the DIFC works alongside many other registered enterprises which, taken together, constitute the DIFC community.
There are now more than 270 licensed and registered Firms within the DIFC, including 100 regulated by the DFSA.
The Dubai Financial Services Authority (DFSA) is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Dubai International Financial Centre (DIFC), including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modelled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.
The Dubai Financial Services Authority (DFSA) is a central component of the DIFC, a new financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.
Mr. David Knott was appointed Chief Executive of the DFSA on June 1, 2005. He is a former Chairman of the Australian Securities and Investment Commission and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO).
The DFSA licensed DAMAC (DIFC) Company Limited as an Authorised Firm on 11 October 2006, making it the 100th regulated firm.
